EOS is an emerging cryptocurrency that many believe to be the next big competitor to Ethereum. This block-chained digital currency works via decentralised apps (dapps), which operate using decentralised peer-to-peer networks rather than centralised servers.
Therefore, cryptocurrencies such as EOS that use dapps do no require any middleman, allowing buyers and sellers to work directly with each other for a more efficient and secure transactions.
The reason that EOS is viewed as a great alternative to Ethereum is the fact that it is designed to be scalable and generally easier to use, but functions in any of the same ways. The aim is to provide a blockchain network that is user-friendly, while also offering a range of unique features such scalability and setting delayed transactions.
Where to Buy EOS
There are various coin exchange platforms where EOS is available to buy. That said, the exchanges below are generally the easiest to use, making them highly recommended for anyone that is buying EOS for the first time.
Remember, exchange rates and coin volume vary daily, so it’s important to frequently monitor these sites to ensure you get the best possible and that there are enough EOS coins available.
Step by Step Guide for Buying EOS
Step One – Choose an Exchange Platform
As mentioned, most cryptocurrency exchange platforms sell EOS, so start by choosing a suitable exchange based in your country. Binance is a great choice for doing this, but there are many to choose from, including Bitfinex and Bithumb.
However, buying EOS tokens on these exchanges requires another form of cryptocurrency, so you’re going to need this first.
Step Two – Choosing a Wallet
You need a storage wallet to safely secure your EOS tokens, but there is no official EOS wallet currently available. Instead, you need to use an ERC-20 compatible wallet, and there are plenty of options available.
Some recommended wallets include
Head to one of these websites and register a wallet. Read the instructions for how to download and safely store the wall, and make sure you get the wallet address, as it’s needed for making purchases at exchanges.
Step Three – Getting Bitcoin to Purchase EOS
While it may seem counterintuitive to buy a different cryptocurrency to pay for EOS, it’s the only way to do so and much easier than most assume.
Given its popularity, we’re going to advise buying bitcoin to pay for your EOS, although Ethereum is another option and can be stored on the same wallet as your EOS.
To do this, visit Coinbase and have some form of identification (e.g. passport, driver’s license) ready to purchase bitcoins.
The website offers clear instructions for how to purchase bitcoin, and all it requires is for you to register with the website, provide your personal information, and then some form of ID to verify all the information.
After all your details are verified you should:
- Select the buy sell tab at the top menu
- Choose bitcoin and then decide how much you wish to spend in dollars
- Hit the buy button and confirm your purchase
- Keep the tab open!
Coinbase accepts credit cards and bank transfers as payment methods, so it’s definitely the easiest to use for beginners. Also, the fact it follows strict rules regarding ID verification makes generally the most reliable and secure exchange site for this step.
Step Four – Buying EOS at Binance
In this example we are going to use the bitcoin purchased at Coinbase to buy EOS at Binance.
Start by registering all your details at Binance, which is very similar to registering at Coinbase.
Ensure you use a strong password, particularly the two-factor authentication process, which makes it safer from hacks.
Once registered, search for the type of wallet you downloaded, and choose the deposit option. You should be given a deposit address at this point.
Copy the address, save it somewhere.
Go back to the Coinbase tab, select accounts, and then find your wallet on the left side of the screen.
Choose the send option, and copy the wallet address you just saved from Binance. Send over the bitcoins.
Wait a few minutes for the coins to be sent, after which they should appear in your Binance wallet.
Select the buy EOS option once the funds are transferred to Binanace.
Choose the Market buy option and place the amount of EOS you wish to purchase, then complete the transaction.
Go to deposit withdrawals, search EOS, and see your EOS appear in the EOS wallet.
While it is possible to leave your EOS on Binance, the site is still at risk from being hacked, so it’s safer to withdraw your EOS directly to your wallet. –
Simply enter the following info as prompted
- Label – type ‘My Wallet’
- Address – copy the same wallet address as before
- Amount – choose the ‘Max’ button to send all your EOS
- Finish by choosing ‘Submit’
Now you should have EOS safely stored in your wallet, after which you are free to use it.